Return on Assets (ROA)
since 2005
Calculation
EQT Corp., ROA, long-term trends, calculation
| ROA | = | 100 | × | Net income (loss) attributable to EQT Corporation1 | ÷ | Total assets1 | |
|---|---|---|---|---|---|---|---|
| Dec 31, 2021 | -5.35% | = | 100 | × | (1,155,759) | ÷ | 21,607,388) |
| Dec 31, 2020 | -5.34% | = | 100 | × | (967,166) | ÷ | 18,113,469) |
| Dec 31, 2019 | -6.50% | = | 100 | × | (1,221,695) | ÷ | 18,809,227) |
| Dec 31, 2018 | -10.83% | = | 100 | × | (2,244,568) | ÷ | 20,721,344) |
| Dec 31, 2017 | 5.11% | = | 100 | × | 1,508,529) | ÷ | 29,522,604) |
| Dec 31, 2016 | -2.93% | = | 100 | × | (452,983) | ÷ | 15,472,922) |
| Dec 31, 2015 | 0.61% | = | 100 | × | 85,171) | ÷ | 13,976,172) |
| Dec 31, 2014 | 3.21% | = | 100 | × | 386,965) | ÷ | 12,064,900) |
| Dec 31, 2013 | 3.99% | = | 100 | × | 390,572) | ÷ | 9,792,053) |
| Dec 31, 2012 | 2.07% | = | 100 | × | 183,395) | ÷ | 8,849,862) |
| Dec 31, 2011 | 5.47% | = | 100 | × | 479,769) | ÷ | 8,772,719) |
| Dec 31, 2010 | 3.21% | = | 100 | × | 227,700) | ÷ | 7,098,438) |
| Dec 31, 2009 | 2.63% | = | 100 | × | 156,929) | ÷ | 5,957,257) |
| Dec 31, 2008 | 4.80% | = | 100 | × | 255,604) | ÷ | 5,329,662) |
| Dec 31, 2007 | 6.54% | = | 100 | × | 257,483) | ÷ | 3,936,971) |
| Dec 31, 2006 | 6.76% | = | 100 | × | 220,286) | ÷ | 3,256,911) |
| Dec 31, 2005 | 7.78% | = | 100 | × | 260,055) | ÷ | 3,342,285) |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1 US$ in thousands
The analysis of Return on Assets (ROA) from 2005 to 2021 reveals a long-term transition from stable, positive profitability to a period of high volatility and sustained negative returns. This trajectory is characterized by an expanding asset base that eventually outpaced the ability to generate consistent net income.
- Initial Profitability and Asset Dilution (2005–2015)
- From 2005 to 2015, ROA exhibited a general downward trend, falling from a peak of 7.78% to 0.61%. While net income remained positive throughout most of this decade, the total asset base grew significantly, increasing from approximately $3.3 billion in 2005 to nearly $14 billion by 2015. The gradual decline in ROA during this period indicates that asset growth occurred at a rate faster than the growth of net earnings, leading to a steady reduction in asset utilization efficiency.
- Volatility and Peak Asset Expansion (2016–2017)
- A period of extreme variance is observed between 2016 and 2017. ROA turned negative in 2016, reaching -2.93% as the entity recorded its first major net loss of $452.9 million. This was followed by a sharp reversal in 2017, where ROA climbed to 5.11%, supported by a substantial net income of $1.5 billion. This period also marked the peak of total asset accumulation, with assets reaching $29.5 billion in 2017.
- Sustained Negative Returns (2018–2021)
- Starting in 2018, a trend of persistent negative returns emerged. ROA plummeted to its lowest historical point of -10.83% in 2018, coinciding with a net loss of $2.24 billion. Despite a subsequent reduction in total assets to between $18 billion and $21 billion, the ROA remained negative through 2021, fluctuating between -5.34% and -6.50%. The inability to return to positive ROA during these four years indicates a sustained misalignment between the scale of the asset base and the generated net income.
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Comparison to Competitors
EQT Corp., ROA, long-term trends, comparison to competitors
| EQT Corp. | Chevron Corp. | ConocoPhillips | ExxonMobil Holdings Corp. | |
|---|---|---|---|---|
| Dec 31, 2021 | -5.35% | 6.52% | 8.91% | 6.80% |
| Dec 31, 2020 | -5.34% | -2.31% | -4.31% | -6.74% |
| Dec 31, 2019 | -6.50% | 1.23% | 10.20% | 3.95% |
| Dec 31, 2018 | -10.83% | 5.84% | 8.94% | 6.02% |
| Dec 31, 2017 | 5.11% | 3.62% | -1.17% | 5.65% |
| Dec 31, 2016 | -2.93% | -0.19% | -4.03% | 2.37% |
| Dec 31, 2015 | 0.61% | 1.72% | -4.54% | 4.80% |
| Dec 31, 2014 | 3.21% | 7.23% | 5.89% | 9.30% |
| Dec 31, 2013 | 3.99% | 8.44% | 7.76% | 9.39% |
| Dec 31, 2012 | 2.07% | 11.24% | 7.19% | 13.45% |
| Dec 31, 2011 | 5.47% | 12.84% | 8.12% | 12.40% |
| Dec 31, 2010 | 3.21% | 10.30% | 7.27% | 10.07% |
| Dec 31, 2009 | 2.63% | 6.37% | 3.18% | 8.26% |
| Dec 31, 2008 | 4.80% | 14.85% | -11.90% | 19.83% |
| Dec 31, 2007 | 6.54% | 12.56% | 6.69% | 16.78% |
| Dec 31, 2006 | 6.76% | 12.92% | 9.44% | 18.04% |
| Dec 31, 2005 | 7.78% | 11.20% | 12.64% | 17.34% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
EQT Corp., ROA, long-term trends, comparison to sector (oil, gas & consumable fuels)
| EQT Corp. | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Dec 31, 2021 | -5.35% | 6.99% |
| Dec 31, 2020 | -5.34% | -4.83% |
| Dec 31, 2019 | -6.50% | 3.65% |
| Dec 31, 2018 | -10.83% | 6.26% |
| Dec 31, 2017 | 5.11% | 4.15% |
| Dec 31, 2016 | -2.93% | 0.55% |
| Dec 31, 2015 | 0.61% | 2.33% |
| Dec 31, 2014 | 3.21% | 8.01% |
| Dec 31, 2013 | 3.99% | 8.79% |
| Dec 31, 2012 | 2.07% | 11.62% |
| Dec 31, 2011 | 5.47% | 11.59% |
| Dec 31, 2010 | 3.21% | 9.45% |
| Dec 31, 2009 | 2.63% | 6.29% |
| Dec 31, 2008 | 4.80% | 9.80% |
| Dec 31, 2007 | 6.54% | 12.52% |
| Dec 31, 2006 | 6.76% | 13.98% |
| Dec 31, 2005 | 7.78% | 14.45% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Comparison to Industry (Energy)
EQT Corp., ROA, long-term trends, comparison to industry (energy)
| EQT Corp. | Energy | |
|---|---|---|
| Dec 31, 2021 | -5.35% | 6.84% |
| Dec 31, 2020 | -5.34% | -6.08% |
| Dec 31, 2019 | -6.50% | 1.97% |
| Dec 31, 2018 | -10.83% | 5.95% |
| Dec 31, 2017 | 5.11% | 3.55% |
| Dec 31, 2016 | -2.93% | 0.27% |
| Dec 31, 2015 | 0.61% | 2.39% |
| Dec 31, 2014 | 3.21% | 8.02% |
| Dec 31, 2013 | 3.99% | 8.90% |
| Dec 31, 2012 | 2.07% | 11.40% |
| Dec 31, 2011 | 5.47% | 11.40% |
| Dec 31, 2010 | 3.21% | 9.36% |
| Dec 31, 2009 | 2.63% | 6.46% |
| Dec 31, 2008 | 4.80% | 10.21% |
| Dec 31, 2007 | 6.54% | 12.80% |
| Dec 31, 2006 | 6.76% | 14.07% |
| Dec 31, 2005 | 7.78% | 14.36% |
Based on: 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).